HFF announces $9.94M financing for Class A property

Holliday Fenoglio Fowler L.P. announced Thursday acquisition financing for a Class A office property in Montvale.

The $9.94 million in financing is for a 93,915-square-foot property located at 3 Paragon Drive.

HFF worked on behalf of the borrower, Ramapo, New York-based Northeast Capital Group, to secure the five-year, fixed-rate loan with Valley National Bank.

The property is situated on 9.29 acres and is within close access to the Montvale Train Station, the Garden State Parkway and Interstates 287, 87 and 80.

Michael Klein, managing director at HFF, along with Porter Terry, senior director, represented the borrower.

“The high-quality property features many attributes that lenders were attracted to including a prime location within Bergen County that provides access to the local highway infrastructure, as well as a long-term anchor tenant that has demonstrated its commitment to the building,” Klein said.  “As a result, there was significant interest in this transaction from local and regional banks. Valley National Bank was able to provide a highly competitive deal that best met the borrower’s needs.”